Korbit Joins Upbit Under Fire as South Korea Hands Down $1.9M AML Penalty

Korbit, South Korea's fourth-largest exchange, faces heavy fines. Source: Chung Sung-Jun/Getty Images. Key Takeaways South Korea’s FIU fined Korbit $1.9 million for weak AML and KYC rules on December 31, 2025. Main issues: 22,000 unverified users, deals with unregistered foreign platforms, and poor risk checks. Penalties include a fine, a warning to exchange, and the CEO, following Upbit’s earlier larger fine. South Korea’s Financial Intelligence Unit (FIU) found the Korbit crypto exchange in viola ...